Optimum Communications (NYSE:OPTU) Major Shareholder Purchases $1,084,835.64 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin purchased 1,291,471 shares of Optimum Communications stock in a transaction that occurred on Wednesday, August 19th. The shares were bought at an average cost of $0.84 per share, for a total transaction of $1,084,835.64. Following the transaction, the insider directly owned 18,791,471 shares of the company’s stock, valued at $15,784,835.64. This represents a 7.38% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Optimum Communications Trading Down 0.5%

NYSE OPTU traded down $0.01 during midday trading on Friday, hitting $1.01. The company had a trading volume of 1,474,975 shares, compared to its average volume of 2,295,386. The company has a market capitalization of $276.66 million, a PE ratio of -0.10 and a beta of 1.20. The firm has a 50-day moving average price of $1.01 and a 200-day moving average price of $1.20. Optimum Communications, Inc. has a twelve month low of $0.58 and a twelve month high of $2.79.

Optimum Communications (NYSE:OPTU) last released its earnings results on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.50). The firm had revenue of $2.02 billion during the quarter. On average, equities analysts anticipate that Optimum Communications, Inc. will post -0.82 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on OPTU shares. Citigroup cut shares of Optimum Communications from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $1.50 to $0.50 in a research report on Friday, May 15th. Wall Street Zen cut shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 26th. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. UBS Group cut their price target on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Finally, The Goldman Sachs Group set a $1.00 price target on shares of Optimum Communications in a research report on Friday, May 8th. Six investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $0.92.

Institutional Trading of Optimum Communications

Institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada grew its position in Optimum Communications by 365.8% in the first quarter. Royal Bank of Canada now owns 2,171,000 shares of the company’s stock valued at $5,775,000 after acquiring an additional 1,704,908 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Optimum Communications by 4.7% in the first quarter. AQR Capital Management LLC now owns 806,675 shares of the company’s stock worth $2,146,000 after acquiring an additional 36,260 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Optimum Communications by 10.5% in the 1st quarter. Millennium Management LLC now owns 5,516,311 shares of the company’s stock valued at $14,673,000 after purchasing an additional 524,169 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Optimum Communications by 46.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock valued at $17,016,000 after purchasing an additional 2,031,971 shares in the last quarter. Finally, Caxton Associates LLP bought a new stake in shares of Optimum Communications during the 1st quarter valued at approximately $88,000. 54.85% of the stock is currently owned by institutional investors.

About Optimum Communications

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States, Canada, Puerto Rico, and the Virgin Islands. It offers broadband, video, telephony, and mobile services to approximately five million residential and business customers. The company’s video services include delivery of broadcast stations and cable networks; over the top services; video-on-demand, high-definition channels, digital video recorder, and pay-per-view services; and platforms for video programming through mobile applications.